Bulten (BULTEN) Q1 2026 earnings summary

Executive summary

• Q1 2026 net sales declined by 12.4% year-over-year, but profitability improved with EBIT rising to SEK 77 million and operating margin to 6.1% from 3.1% last year.

• Cost improvements and structural changes, including transitioning the US factory to a distribution center and expanding in China, enhanced resilience and profitability.

• Distribution and C-parts business gained momentum, with significant wins in wind power and defense sectors, including a SEK 21 million contract in Singapore.

• Non-automotive segment growth increased sales share from about 7.5% to 17.5% since 2023, reducing OEM light vehicle exposure from 68% to 58%.

• Earnings after tax increased to SEK 37 million, and adjusted earnings after tax were SEK 38 million.

Financial highlights

• Net sales for Q1 2026 were SEK 1,254 million, down 12.4% year-over-year, mainly due to lower volumes and a prior cyber attack.

• Gross margin improved to 20.1% from 17.6% year-over-year, with gross profit stable at SEK 252 million.

• Adjusted EBIT was SEK 78 million, with a stable margin of 6.2%.

• EBITDA rose to SEK 128 million (margin 10.2%), up from SEK 98 million (margin 6.8%) last year.

• Interest-bearing debt reduced by SEK 200 million year-over-year; net debt decreased to SEK 1,151 million.

Outlook and guidance

• Focus on expanding non-automotive segments, including renewable energy, defense, consumer electronics, and medical technologies.

• Continued efforts to optimize and consolidate manufacturing footprint and improve asset utilization.

• No plans for share issues or capital increases unless for attractive acquisitions.

• Priorities include protecting and expanding margins, reducing working capital, and disciplined Capex.

• Market conditions remain challenging, especially in the passenger car segment.